European Central Bank - eurosystem
Għażliet tat-Tfixxija
Paġna ewlenija Midja Spjegazzjonijiet Riċerka u Pubblikazzjonijiet Statistika Politika Monetarja L-€uro Ħlasijiet u Swieq Karrieri
Issortja skont
Mhux disponibbli bil-Malti

Macroprudential Bulletin

Our Macroprudential Bulletin provides insight into the work we are currently doing in the field of macroprudential policy. Our goal is to raise awareness of macroprudential policy issues in the euro area by making our ongoing work and thinking in this field more transparent, and to encourage broader discussion on these key issues.

We aren’t trying to be transparent about our work just for the sake of it. This is also an opportunity to invite you to share your views with us by sending your feedback to You can also send us an email if you want to be notified about future issues of the Macroprudential Bulletin.

July 2023

Issue 22

Macroprudential policy in the current environment

The euro area financial cycle is turning. But banks remain profitable, vulnerabilities are still present, and financial stability risks have not yet materialised. Therefore, macroprudential policy should focus on preserving the resilience of banks and borrowers.

Read more about macroprudential policy

Lending standards at the turn of the housing cycle

Monitoring how lending standards evolve is key to assessing the level of risk in lending to households. This box shows that leverage in new mortgage lending is declining, while debt servicing costs are increasing significantly in the wake of interest rate hikes.

Find out more about lending standards

What informs the decision to release capital buffers

Macroprudential buffers should be maintained in the current environment. This box provides general and practical considerations on the “whys”, “ifs” and “hows” of releasing macroprudential capital buffers to address possible materialisation of systemic risk at some point in the future.

More on capital buffer releases

Il-paġni kollha f’din it-taqsima